put another way, there may be a heuristic at work here. this is one long after the original trigger has become a remote, perceptions endure and become embedded in economic narratives whose salience affects risk appetite and behavior. this is not a trivial point. researchers show people who experience low returns throughout their lives like the depression babies of the 1930's exhibit a lower willingness to lessfinancial risk, invest in financial activities and invest less in returns. we see evidence in the risk premia and low government bond yields. are livingy, we through a time when heightened economicty has meant insecurity for many people despite generalized economic prosperity. --rossed advanced economy across advanced economies, wages are more some dude and inequality is more pronounced. the resulting precautionary effects of this can do for because there's a real option value to waiting. returns andek safe are put off by durables. the common thread is any has anc decision uncertain cost or payoff is in effect give. while the effect o